September 17, 2024, Item #4
AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
September 17, 2024
Honorable Mayor and Members of the ~ncil
Craig Schmollinger, Director of Finance
Mehrnoush Jamshidi, Finance Manager '6
(858) 668-4426 or [email protected]
City's Investment Report as of June 30, 2024
CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of June 30, 2024.
Recommended Action:
It is recommended the City Council accept and file the attached report.
Discussion:
Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.
The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of June 30, 2024, was $153,420,929. It consisted of the following:
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
1 of32
September 17, 2024, Item #4
Investment Portfolio Total
Cash $548,599
Deposits at CalTRUST $24,393,727
Deposits at the Local Agency Investment Fund (LAIF) $49,322,370 U. S. Treasury Notes $32,531,265
U.S. Instrumentalities $23,656,692
Corporate Notes $22,968,276
Fair Value of Investment Portfolio as of June 30, 2024 $153,420,929 It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the investment portfolio can also be reflective of payments for large capital projects as well as operational expenses.
The attached Investment Portfolio Report (Attachment B) and Investment Report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The Portfolio Report includes all investments while the Investment Report includes only those investments managed by Insight Investment.
All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending June 30, 2024, is estimated at 4.48% for LAIF, 4.92% for the CalTRUST short-term fund, and 4.26% for the CalTRUST medium-term fund.
For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $80,420,012; the fair value is $79,704,833 for an unrealized loss of $715,179 or 0.89% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at June 30, 2024, was $595,163. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $79,797 at June 30, 2024. The City's cash on hand at June 30, 2024 totaled $1,650,731.
The June 30, 2024 balance of the City's Library Trust Fund is $262,500. Through the Fiscal Year 2023- 24 period endingJune 30, 2024, $4,689 of interest earnings has been transferred to the General Fund.
The City Transfers 90% of the Library Trust Fund's interest revenue to the General Fund on an annual basis to help offset library operating costs.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA). 2 of 32
September 17, 2024, Item #4
Fiscal Impact:
The externally managed investment portfolio earned $176,854 of interest during June 2024, as well as $185,376 of interest during May 2024, and $175,489 during April 2024. Fees for investment services during this period totaled $9,887.
Public Notification:
None.
Attachments:
A. Investment Statistics
B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at June 30, 2024
Reviewed/Approved By:
w~ttt~
Assistant City Manager
3 of 32
Reviewed By:
Alan Fenstermacher
City Attorney
Approved B~,:::
c~
City Manager
September 17, 2024, Item #4
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
June
2023
$ 11,753,031
11,488,838
46,903,235
March
2024
$ 12,236,228
11,914,575
42,366,056
June
2024
12,378,961
12,014,766
49,322,370 Deposits at the Local Agency Investment Fund (LAIF) Total Fair Value $ 70,145,104 $ 66,516,859 $ 73,716,096 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
3.43%
1 1
4.36%
1 1
4.52%
1 1
Cash $ 130,418 $ 69,598 $ 548,599
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:
Cash
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain {Loss)
Unrealized Gain (Loss) Percentage
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
28,980,315
25,612,868
21,609,722
76,333,323
130,418
29,733,715
26,098,763
22,048,935
78,011,831
(1,678,508)
-2.15%
131,465
2.52%
1.76 1.93
32,331,747
23,643,740
23,074,754
79,119,839
69,598
32,670,764
23,780,522
23,196,280
79,717,165
(597,326)
-0.75%
175,385
3.80%
2.22 2.47
32,531,265
23,656,692
22,968,276
79,704,833
548,599
32,869,178
23,853,451
23,148,785
80,420,012
(715,179)
-0.89%
176,854
4.02%
2.23 2.45
Total Fair Value of Portfolio Assets $ 146,478,427 $ 145,636,698 $ 153,420,929 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
2.96%
0.92 1.01
4.05%
1.21 1.34
Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.
Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.
Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.
One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.
4.26%
1.16 1.27
Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for
the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.
Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 32 ATTACHMENT A
September 17, 2024, Item #4
City
of
Poway
Monthly
Investment
Portfolio
Report
June
30,
2024
Separately
Managed
Investment
Pools
%
Return
LAIF
$
49,322,370
67%
4.48%
CalTrust
-Short
$
12,378
,961
17%
4.92%
CalTrust
-Medium
$
12,014,766
16%
4.2 6%
Total
Internally
Managed
$
73,716,096
48%
Weighted
Average
Yield
4.52% Days
Effective
Average
Duration
-Internal
1 Weighted
Average
Maturity
-Internal
1 Externally
Managed
Assets
%
Return
Cash
$
548,599
1%
4.00%
Treasury
Securities
$
32 ,531,265
41%
3.71%
Instrumentality
Securities
$
23,656,692
30%
3.98%
Corporate
Notes
$
22,968,276
29%
4.60%
Total
Externally
Managed
$
79,704,833
52%
Weighted
Average
Yield
4.02% Years
Effective
Average
Duration
-External
2.23 Weighted
Average
Final
Maturity-
External
2.45 Total
Portfolio
Assets
%
Return
LAIF
$
CalTrust
-Short
$
CalTrust
-Medium
$
Cash
$
Treasury
Securities
$
Instrumentality
Securities
$
Corporate
Notes
$
Total
Portfolio
Assets
$
Weighted
Average
Yield
Effective
Average
Duration
-Total
Weighted
Average
Maturity
-Total
Portfolio
Change
Beginning
Balance
Ending
Balance
Assets
values
shown
at
Market
5 of
32 49,322,370
32%
4.48%
12,378,961
8%
4.92%
12,014,766
8%
4.26%
548,599
0%
4.00%
32,531,265
21%
3.71%
23,656,692
15%
3.98%
22,968,276
15%
4.60%
153,420,929
4.26% Years 1.16
1.27 $ $
CalTrust-
Medium
, 16%
Ca
IT rust
-Short
,
17%
Securities
23% 138,848,032 153,420,929
ATTACHMENT
B
Treasury
Securities,
41%
Instrumentality Securities,
30%
Ca
IT rust
-Short
CalTrust
-
12%
Medium
12% Cash 0%
Securities
31%
September 17, 2024, Item #4
ATTACHMENT
C
September 17, 2024, Item #4
Contents
Fixed income market review
Activity and performance summary
Recap of securities held
Maturity distribution of securities held
Securities held
GASB 40 -Deposit and investment risk disclosure
Securities purchased
Securities sold and matured
Detail of return and interest received
Transaction report
Additional information
3 4
6 7
8 13
18 19
20 24
25 N
M
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0 .....
September 17, 2024, Item #4
FIXED INCOME MARKET REVIEW
As of June 30, 2024
Chart 1: The Fed modestly dialed back its rate cut expectations. 6 5
4 ~ 3
2 1
0 Jan-22 Jan-23
...
---Fed Funds rate
- -FOMC Dots (Mar-2024)
• • • • • • Market expectations (Jun-
2024)
__.,_ FOMC Dots (Jun-2024)
Jan-24 Jan-25
Source: Bureau of Labor Statistics, Macrobond, June 30, 2024 Jan-26
Chart 2: CPI resumed its descent as core goods prices fell. 10 8
6 ~ 4
2 0
-2
0 0
r)l C')l
C: C.
::I Q)
--. V'l
0 rl rl
<"';' ~ <"';' u C: Q)
"' ::I Cl 2 --.
rl rl N N N N r<1 N C')l r)l r)l N N C')l
6. u <ii C: 6. u ...
Q) Q) ::I Q) Q)
"' V'l Cl 2 --. V'l Cl 2
Jan-27
r<1 r<1 r<1 ,:j-
C')l N N r)l
C: 6. u ...
::I Q) Q)
"' -, V'l Cl 2
-Energy -Food -Core Services -Core Goods --All Items
Source: Bureau of Labor Statistics, Macrobond, June 30, 2024
CITY OF POWAY
Economic Indicators and Monetary Policy
As expected, the FOMC held the Fed Funds Rate at 5.25% to 5.5% at the June meeting. Further, the Fed left its quarterly economic projections largely unchanged, save for very slight increases in its unemployment, PCE and core PCE forecasts for 2025. It adjusted its "dot plot" to reflect a median expectation of one rate cut in 2024, down from its last projection of three. Notably a larger number of committee members voted for two cuts rather than one. The committee also projected a steeper course of four rate cuts in 2025, up from three. This moves the dots" in line with the latest market expectations for the next two years (Chart 1).
CPI was flat in May, down from 0.3% in April. Year-on-year, this took the rate from 3.4% to 3.3%.
The slowdown in the headline index was driven by 2% drop in energy prices, while food prices were up modestly by 0.1 %. Core CPI rose 0.2% in June, taking the year-on-year measure down from 3.6% to 3.4%. The PCE report also softened with the headline figure flat in May and down from 2.7% to 2.6% year-on-year with core PCE at 0.1 % in May, down from 2.8% to 2.6% year-on- Jan-28 year.
Labor market data offered mixed signals. The establishment payrolls survey was stronger than expected with 272,000 jobs added in May, above consensus expectations for 175,000.
However, the household survey was weaker, and the unemployment rate increased 0.1 pp from 3.9% to 4%. Wage growth was 0.4% in May, up from 4% to 4.1% year-on-year, slightly above expectations.
The third estimate of Q1 GDP growth was revised up from 1.3% to 1.4%. The revisions were broad-based across categories, with upgrades to business fixed investment, inventories and net exports. However, consumer spending was revised down. Final sales to domestic private purchasers (used by the Fed as a gauge of domestic consumption) was also revised slightly lower, from 2.8% to 2.6%.
Interest Rate Summary
Yields generally fell during the month. At the end of June, the 3-month US Treasury bill yielded
5.36%, the 6-month US Treasury bill yielded 5.33%, the 2-year US Treasury note yielded 4.75%, the 5-year US Treasury note yielded 4.38% and the 10-year US Treasury note yielded 4.40%.
N M
....
0 00
3 September 17, 2024, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2024 -June 30, 2024
Amortized Cost Basis Activity Summary
Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfolio transfers
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT accretion Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
158,288.18
0.00 CQmparative Bates Qf Beturn 1%l
*Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Year US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
5.30 5.36
5.31 5.24
5.16 4.75
4.32 2.60
2.64 2.59
2.54 2.45
2.27 2.10
80,175,935.82
158,288.18
0.00 0.00
0.00 0.00
(5,654.69)
91,442.58
0.00 80,420,011.89
79,704,832.55
(715,179.34)
* One month
0.41 0.43
0.42 0.42
0.39 0.36
0.33 Detail Qf 8mQrtiz:ed CQst Basis Beturn
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 959.68 0.00 0.00
Corporate Bonds 68,820.13 14,621.87 0.00
Government Agencies 53,022.07 24,493.24 0.00
Government Bonds 54,052.40 46,672.78 0.00
Total 176,854.28 85,787.89 0.00
summary Qf 8mQrtized CQst Basis Beturn for the PeriQd
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return (%)
YTD return (%)
Weighted average final maturity in days
CITY OF POWAY
Total
income
959.68
83,442.00
77,515.31
100,725.18
262,642.17
Total portfolio
176,854.28
85,787.89
0.00 262,642.17
80,342,117.29
0.33 1.88
895
4 September 17, 2024, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2024 -June 30, 2024
Fair Value Basis Activity Summary
Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Unrealized gain (loss) on security movements
Change in accruals from security movement
Return of capital
Change in fair value for the period
Ending fair value
158,288.18
0.00 CQmparative 811tes Qf Beturn 1%1
*Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
ICE Bofa 3 Months UST-BILL
ICE Bofa 6m US Treas Bill
ICE Bofa 1 Yr US Treasury Note
ICE BofA US Treasury 1-3
ICE BofA US Treasury 1-5
* rates reflected are cumulative
5.30 2.60
5.36 2.64
5.40 2.63
5.46 2.55
5.02 1.95
4.53 1.24
4.16 0.80
79,266,719.49
158,288.18
0.00 0.00
0.00 0.00
0.00 279,824.88
79,704,832.55
* One
month
0.41 0.43
0.41 0.42
0.43 0.58
0.70 Detail Qf E11ir V11lue Basis Betucn
Interest Change in
earned fair value
Cash and Cash Equivalents 959.68 0.00
Corporate Bonds 68,820.13 48,287.94
Government Agencies 53,022.07 76,475.35
Government Bonds 54,052.40 155,061.59
Total 176,854.28 279,824.88
Summary Qf Eaic Value Basis Beturn for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest
CITY OF POWAY
Total
income
959.68
117,108.07
129,497.42
209,113.99
456,679.16
Total portfolio
176,854.28
279,824.88
456,679.16
80,163,529.02
0.57 1.14
895
5 September 17, 2024, Item #4
RECAP OF SECURITIES HELD
As of June 30, 2024
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
•l~ll
Historical
cost
548,599.17
22,944,931.00
23,546,502.09
32,182,701.92
:r~w11.-JCr;1111-:t
Amortized
cost
548,599.17
23,148,784.50
23,853,450.51
32,869,177.71
t!{I~
Fair value
548,599.17
22,968,276.33
23,656,692.12
32,531,264.93
~
Unrealized
gain (loss)
0.00 (180,508.17)
(196,758.39)
(337,912.78)
~a::f',
Weighted Percent
average of
final portfolio
maturity (days)
1 0.69
1,038 28.96
864 29.72
831 40.62
Portfolio diversification {%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ Government Agencies
■ Government Bonds
Total
0.69 28.96
29.72 40.62
100.00
Weighted
average
effective
duration (years)
0.00 2.45
2.19 2.13
CITY OF POWAY
N
M
....
0 ... ...
6 September 17, 2024, Item #4
MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2024
Maturity
---
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
E
.s .... "' 0 u
"' u
§ .... "' :i:
25.00 20.00
15.00 10.00
5.00 0,00
00-f
of>
or/J-v~ O)r:::,'-0
'ti~
'\OJ
"
,'tP
Maturity distribution
~
"4.q,~
.SJ
o1ri"'
,/?
4.q,
'l,
,,o
~c,
.,.,q,
"J
'l-'o
~c,
4.'iJ
~
"J'o
Historic cost Percent
2,556,519.17 3.23
2,164,320.09 2.73
6,469,643.11 8.17
18,966,110.22 23.94
18,134,625.38 22.89
21,272,691.69 26.85
9,658,824.52 12.19
0.00 0.00
79,222,734.18 100.00.
~c,
<,}q,
~--0
~c,
<r}q,
,:,..r/J-
0 CITY OF POWAY
N
M
....
0 N ,....
7 September 17, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 548,599.17 548,599.17 548,599.17 548,599.17 0.00 0.00 0.69 y-----
Total Cash and Cash Equivalents 548,599.17 548,599.17 548,599.17 548,599.17 0.00 0.00 0.69 Corporate Bonds
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 05/1112025 1,800,000.00 1,715,436.00 1,775,693.71 1,742,538.91 (33, 154.80) 3,807.30 2.17 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 115EP2025 3.400 09/11/2025 1,000,000.00 989,920.00 996,025.18 978,473.80 (17,551.38) 10,294.44 1.25 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500.00 995,556.65 994,634.72 (921.93) 23,375.00 1.26 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,140,095.66 1,120,639.55 (19,456.11) 3,313.33 1.38 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,759,886.16 1,744,583.00 (15,303.16) 12,425.00 2.19 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140.00 953,533.50 943,677_54 (9,855.96) 10,423.61 1.19 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,058,389.99 1,034,669.50 (23,720.49) 7,800.83 1.31 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420,132.00 1,416,890.07 1,407,559.17 (9,330.90) 5,548.98 1.79 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775.00 1,253,420.40 1,246,619.75 (6,800.65) 20,666.67 1.58 26JAN27) 01/26/2027 N M
....
037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 2.900 09/12/2027 1,300,000.00 1,234,987.00 1,255,525.55 1,227,774.70 (27,750.85) 11,310.00~ 1.56 06/12/2027 ...
8 September 17, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Corporate Bonds
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 994,536.51 978,086.49 (16,450.02) 12,104.17 1.25 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,093,858.93 1,089,629.04 (4,229.89) 23,741.67 1.38 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,922,351.03 1,926,712.48 4,361.45 31,306.56 2.41 01 FEB27) 02/01/2027
194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000.00 2,391,240.00 2,393,574.70 2,395,962.50 2,387.80 36,493.33 3.02 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 891,159.98 879,785.91 (11,374.07) 17,964.60 1.12 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,024,455.52 1,027,357.40 2,901.88 14,668.69 1.30 08/29/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,408.36 999,823.58 415.22 16,705.56 1.26 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 1,300,000.00 1,222,104.00 1,224,422.60 1,229,748.29 5,325.69 13,081.25 1.54 12/15/2028
-------------
Total Corporate Bonds 23,550,000.00 22,944,931.00 23,148,784.50 22,968,276.33 (180,508.17) 275,030.99 28.96 ------. ----·---------------------~-
Government Agencies
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,000,009.18 1,999,779.14 (230.04) 17,305.56 2.53 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 971,069.46 (28,930.54) 1,944.44 1.27 (CALLABLE 1 OAUG24) 08/10/2024 N M
....
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 0.500 08/18/2025 1,350,000.00 1,266,394.50 1,286,001.79 1,281,564.81 (4,436.98) 2,475.00:;:. 1 .60 ...
9 September 17, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 1211112025 1,000,000.00 895,930.00 937,781.35 933,293.84 (4,487.51) 0.00 1.13 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,173,982.63 2,153,661.56 (20,321.07) 7,053.33 2.64 (CALLABLE 05AUG24) 07/05/2024
3130AWLZ1 FEDERAL HOME LOAN BANK 4. 75% 12JUN2026 4.750 0611212026 1,100,000.00 1,096,612.00 1,097,614.47 1,098,160.59 546.12 2,612.50 1.38 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,990,260.12 2,000,586.22 10,326.10 31,402.78 2.51 3130APJH9 FEDERAL HOME LOAN BANK 1.25% 280CT2026 1.250 10128/2026 2,050,000.00 1,860,110.55 1,933,166.40 1,915,101.37 (18,065.03) 4,413.19 2.35 {CALLABLE 28JUL24) #0006 0712812024
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 1210712026 1,200,000.00 1, 196,508.00 1,197,174.83 1,191,098.26 (6,076.57) 3,354.17 1.51 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 1212112026 2,300,000.00 2,055,763.00 2,151,254.16 2,117,790.18 (33,463.98) 718.75 2.59 3130ATHWO • FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,995,620.90 1,970,501.02 (25,119.88) 25,208.33 2.52 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12101/2027 1,000,000.00 989,640.00 992,520.14 984,549.02 {7,971.12) 3,322.92 1.25 3130ATU54 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12110/2027 2,000,000.00 2,010,731.16 2,007,665.11 1,982,232.30 (25,432.81) 4,722.22 2.54 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 0110612028 1,100,000.00 1,105,292.88 1,103,783.62 1,080,239.13 {23,544.49) 21,266.67 1.40 N
M ....
0 in
.....
10 September 17, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4.125 03/20/2029 2,000,000.00 1,985,860.00 1,986,615.81 1,977,065.22 (9,550.59) 22,916.67 2.51 --------· ----· ------.--------------..-------.
Total Government Agencies 24,400,000.00 23,546,502.09 23,853,450.51 23,656,692.12 (196,758.39) 148,716.53 29.72 Government Bonds
912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,002,593.40 990,234.38 (12,359.02) 3,729.51 1.30 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,103,491.04 1,085,877.61 (17,613.43) 2,735.05 1.43 912828YYO USA TREASURY 1. 75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,006,596.84 982,421.88 (24,174.96) 8,750.00 1.32 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,846,943.48 2,787,426.76 (59,516.72) 1,802.65 3.41 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449.22 1,473,309.60 1,465,683.60 (7,626.00) 20,625.00 1.82 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08131/2025 1,400,000.00 1,279,250.00 1,355,742.27 1,324,585.93 (31,156.34) 1,160.33 1.61 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,152,019.74 1,127,765.63 (24,254.11) 497.28 1.37 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454.91 1,655,154.83 1,652,718.75 (2,436.08) 4,006.15 2.07 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12131/2025 2,300,000.00 2,106,124.89 2,214,645.20 2,150,949.21 (63,695.99) 4,312.50 2.66 N M
....
91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,321,976.01 1,305,609.37 (16,366.64) 2,610.66~ 1.57 ....
11 September 17, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Bonds
912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130.36 1,494,048.32 1,491,000.00 (3,048.32) 2,131.15 1.85 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/3112026 2,350,000.00 2,088,287.11 2,193,246.67 2,166,314.46 (26,932.21) 14,687.50 2.64 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000.00 924,573.66 940,605.45 947,851.56 7,246.11 6,215.85 1.17 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000.00 1,901,256.70 1,913,161.34 1,896,718.76 (16,442.58) 4,303.28 2.40 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 707,631.33 714,013.28 6,381.95 12,025.00 0.88 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756.03 1,694,826.87 1,709,156.25 14,329.38 20,534.34 2.11 91282CFU0 USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858.60 2,082,304.31 2,076,457.03 (5,847.28) 14,359.04 2.62 9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,052,355.47 1,023,257.82 (29,097.65) 3,093.75 1.30 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577.35 2,077,219.90 2,040,199.22 (37,020.68) 6,239.75 2.62 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488.28 1,516,147.99 1,503,968.75 (12,179.24) 10,625.00 1.86 9128285M8 USA TREASURY 3.125% 15NOV2028 3.125 11/15/2028 2,200,000.00 2,059,929.24 2,065,157.65 2,089,054.68 23,897.03 8,593.75 2.60 N M
Total Government Bonds 34,190,000.00 32,182,701.92 32,869,177.71 32,531,264.93 (337,912.78) 153,037.54~40.62 W!lE.I ~~Iii ~IU'J --=!~t.1-1 ----~ ---~
12 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) United States Treasury Note/Bond
912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.30 990,234.38 1.24 0.25 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.43 1,085,877.61 1.36 0.34 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.32 982,421.88 1.23 0.49 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.41 2,787,426.76 3.50 0.82 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.82 1,465,683.60 1.84 0.96 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.61 1,324,585.93 1.66 1.14 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.37 1,127,765.63 1.41 1.30 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454.91 2.07 1,652,718.75 2.07 1.36 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106,124.89 2.66 2,150,949.21 2.70 1.46 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.57 1,305,609.37 1.64 1.69 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1,468,130.36 1.85 1,491,000.00 1.87 2.31 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.64 2, 166,314.46 2.72 2.41 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.17 947,851.56 1.19 2.59 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 2,000,000.00 1,901,256.70 2.40 1,896,718.76 2.38 2.74 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.88 714,013.28 0.90 2.80 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.11 1,709,156.25 2.14 2.86 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000.00 2,077,858.60 2.62 2,076,457.03 2.61 3.05 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.30 1,023,257.82 1.28 3.17 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aaa 2,100,000.00 2,074,577.35 2.62 2,040,199.22 2.56 3.58 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.86 1,503,968.75 1.89 3.80 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aaa 2,200,000.00 2,059,929.24 2.60 2,089,054.68 2.62 3.99 Issuer total 34,190,000.00 32,182,701.92 40.62 32,531,264.93 40.81 2.13 N
Federal Home Loan Banks M ....
0 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 08/10/2024 AA+ Aaa 1,000,000.00 1,002,860.00 1.27 971,069.46 1.22 0.60 ~ 13 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) --
Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 07/05/2024 AA+ Aaa 2,300,000.00 2,092,540.00 2.64 2,153,661.56 2.70 1.61 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.38 1,098,160.59 1.38 1.83 3130APJH9 FEDERAL HOME LOAN 1.250 10/28/2026 07/28/2024 AA+ Aaa 2,050,000.00 1,860,110.55 2.35 1,915,101.37 2.40 2.24 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.59 2,117,790.18 2.66 2.38 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.52 1,970,501.02 2.47 2.92 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.54 1,982,232.30 2.49 3.15 Issuer total 12,750,000.00 12,111,876.71 15.29 12,208,516.48 15.32 2.24 Federal Farm Credit Banks Funding Corp
3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aaa 2,000,000.00 1,987,080.00 2.51 2,000,586.22 2.51 2.00 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1,196,508.00 1.51 1, 191,098.26 1.49 2.28 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.25 984,549.02 1.24 3.14 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.40 1,080,239.13 1.36 3.16 3133EPSUS FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aaa 2,000,000.00 1,985,860.00 2.51 1,977,065.22 2.48 4.17 Issuer total 7,300,000.00 7,264,380.88 9.17 7,233,537.85 9.08 2.97 Federal National Mortgage Association
3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.53 1,999,779.14 2.51 0.01 3136G4K85 FANNIE MAE 0.5% 0.500 08/18/2025 AA+ Aaa 1,350,000.00 1,266,394.50 1.60 1,281,564.81 1.61 1.11 Issuer total 3,350,000.00 3,274,314.50 4.13 3,281,343.95 4.12 0.44 Citibank NA
17325FBC1 CITIBANK NA 5.488% 5.488 12/04/2026 11/04/2026 A+ Aa3 1,400,000.00 1,420,132.00 1.79 1,407,559.17 1.77 2.19 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.30 1,027,357.40 1.29 3.63 Issuer total 2,400,000.00 2,447,932.00 3.09 2,434,916.57 3.05 2.79 M
....
0 °' ...
14 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 2,400,000.00 2,391,240.00 3.02 2,395,962.50 3.01 3.24 Issuer total 2,400,000.00 2,391,240.00 3.02 2,395,962.50 3.01 3.24 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 1,200,000.00 1,096,152.00 1.38 1,120,639.55 1.41 1.55 037833D63 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.56 1,227,774.70 1.54 2.91 Issuer total 2,500,000.00 2,331,139.00 2.94 2,348,414.25 2.95 2.27 Cisco Systems Inc
17275RBQ4 CISCO SYSTEMS INC 4.8% 4.800 02/26/2027 01/26/2027 AA-A1 1,250,000.00 1,253,775.00 1.58 1,246,619.75 1.56 2.38 17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA-A1 1,000,000.00 999,390.00 1.26 999,823.58 1.25 4.01 Issuer total 2,250,000.00 2,253,165.00 2.84 2,246,443.33 2.82 3.10 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A-A3 1,000,000.00 995,500.00 1.26 994,634.72 1.25 1.41 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A-A3 1,100,000.00 1,034,869.00 1.31 1,034,669.50 1.30 2.07 Issuer total 2,100,000.00 2,030,369.00 2.56 2,029,304.22 2.55 1.75 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A1 1,000,000.00 989,920.00 1.25 978,473.80 1.23 1.14 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.25 978,086.49 1.23 2.92 Issuer total 2,000,000.00 1,981,940.00 2.50 1,956,560.29 2.45 2.03 JPMorgan Chase & Co
46625HRY8 JPMORGAN CHASE & CO 3.782 02/01/2028 02/01/2027 A-A1 2,000,000.00 1,909,600.00 2.41 1,926,712.48 2.42 2.38 Issuer total 2,000,000.00 1,909,600.00 2.41 1,926,712.48 2.42 2.38 M
...
0 0
N
15 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.19 943,677.54 1.18 1.93 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.12 879,785.91 1.10 2.75 Issuer total 1,900,000.00 1,834,393.00 2.32 1 ,823,463.45 2.29 2.33 Bank of America Corp
06051 GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A-Al 1,800,000.00 1,736,028.00 2.19 1,744,583.00 2.19 1.70 Issuer total 1,800,000.00 1,736,028.00 2.19 1,744,583.00 2.19 1.70 Chevron Corp
166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA-Aa2 1,800,000.00 1,715,436.00 2.17 1,742,538.91 2.19 0.85 Issuer total 1,800,000.00 1,715,436.00 2.17 1,742,538.91 2.19 0.85 Pfizer Inc
717081 ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 1,300,000.00 1,222,104.00 1.54 1,229,748.29 1.54 4.14 Issuer total 1,300,000.00 1,222,104.00 1.54 1,229,748.29 1.54 4.14 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ Al 1,100,000.00 1,091,585.00 1.38 1,089,629.04 1.37 3.14 Issuer total 1,100,000.00 1 ,091,585.00 1.38 1,089,629.04 1.37 3.14 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.13 933,293.84 1.17 1.41 Issuer total 1,000,000.00 895,930.00 1.13 933,293.84 1.17 1.41 N
M
....
0 ....
N
16 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 301 2024
Cusip Description
Cash and Cash Equivalents
CASH
Issuer total
•llll:.{t..11[...:
Coupon
0.000
Maturity
date
Call date S&P Moody
rating rating
Par value or
shares
548,599.17
548,599.17
Historical % Portfolio
cost hist cost
548,599.17 0.00
548,599.17 0.00
Market % Portfolio
value mkt value
548,599.17 0.69
548,599.17 0.69
~
CITY OF POWAY
Effective
dur (yrs)
0.00 0.00
N
M
....
0 N
N
17 September 17, 2024, Item #4
SECURITIES PURCHASED
For the period June 1, 2024 -June 30, 2024
Cusip Description / Broker Trade date Coupon Maturity/
Settle date Call date
Corporate Bonds
02665WEY3 AMERICAN HONDA FINANCE 4. 95% 06/24/2024 4.950 01/09/2026 DEUTSCHE BANK AG, LONDON 06/27/2024
---· ---
Total Corporate Bonds
Par value or Unit cost Principal
shares cost
1,000,000.00 99.55 (995,500.00)
1,000,000.00 (995,500.00)
CITY OF POWAY
Accrued
interest
(22,962.50)
(22,962.50)
(fflfltl-1'1[7
N M
...
0 M N
18 September 17, 2024, Item #4
SECURITIES SOLD AND MATURED
For the period June 1, 2024 -June 30, 2024
Cusip Description I Broker Trade date Coupon
Settle date
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 06/27/2024 2.400
27JUN2024 06/27/2024
Total (Corporate Bonds}
Maturity/ Par value or Historical cost Amortized cost
Call date shares at sale or
maturity
(1,000,000.00) 1,012,410.00 1,000,000.00
(1,000,000.00) 1 ,012,410.00 1,000,000.00
Price Fair value at
sale or
maturity
0.00 1,000,000.00
1,000,000.00
-
CITY OF POWAY
Realized
gain
(loss)
0.00 0.00
-mt,m
Accrued
interest
N M
....
0 s:t" N
sold
0.00 0.00
(IJ.11,:
19 September 17, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period June 1, 2024 -June 30, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received {amortization) {loss) value
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 959.68 959.68
Total Cash 0.00 0.00 0.00 959.68 959.68
------------
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 3,374.03 2,038.05 0.00 0266SWCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (204.69) 0.00 2,037.68 1,733.33 12,000.00 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 56.65 0.00 (865.28) 412.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.22 0.00 3,900.36 676.66 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 2,757.20 3,036.94 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,854.26 0.00 359.37 5,075.00 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 4,784.62 2,253.30 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (110.81) 0.00 415.64 4,833.34 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 10.59 0.00 2,903.97 3,906.95 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (600.36) 0.00 (228.54) 6,189.25 38,416.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (489.43) 0.00 1,497.62 4,674.63 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 3,586.32 8,893.33 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 2,311.21 2,738.88 0.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.1 S% 15SEP2027 141.90 0.00 1,923.14 3,343.06 0.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,804.39 0.00 5,755.66 6,093.23 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 1,337.65 0.00 6,876.39 3,612.92 N 0.00 M
89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 .... 144.83 0.00 2,286.48 4,098.27 0 0.00 in
N
20 September 17, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2024 -June 30, 2024
Cusip Description
Corporate Bonds
91159HHN3
91159HJF8
US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26)
US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27)
Total Corporate Bonds
Government Agencies
3136G4K85
3135GOV75
3133EN5N6
3133EPCG8
3133EP5U5
3133EPK79
3133EPUW3
3130AL2A1
3130ALHHO
3130AQF65
3130APJH9
3130ATHWO
3130ATUS4
3130AWLZ1
3134A2HG6
FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000
FANNIE MAE 1.75% 02JUL2024
FEDERAL FARM CREDIT BANK 4% 06JAN2028
FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027
FEDERAL FARM CREDIT BANK 4.125% 20MAR2029
FEDERAL FARM CREDIT BANK 4.375% 07DEC2026
FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026
FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OAUG24) FEDERAL HOME LOAN BANK 0.96% 05MAR2026 (CALLABLE 05AUG24) FEDERAL HOME LOAN BANK 1 .25% 21 DEC2026
FEDERAL HOME LOAN BANK 1.25% 280CT2026 (CALLABLE 28JUL24) #0006 FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027
FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027
FEDERAL HOME LOAN BANK 4.75% 12JUN2026
FREDDIE MAC 0% 11 DEC2025
Total Government Agencies
Accretion
(amortization)
1,878.70
181.40
14,621.87
4,705.75
(137.74)
(89.66)
182.29
236.19
96.64 374.14
0.00 6,457.09
5,008.28
4,182.58
114.23
(185.45)
101.95
3,446.95
24,493.24
Realized gain
(loss)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 Change in fair
value
~
738.53
3,873.54
48,287.94
3,286.79
5,539.44
2,087.32
2,187.20
12,128.28
2,757.53
3,574.26
3,034.02
5,803.18
8,264.36
9,608.43
2,125.84
10,409.32
174.83
5,494.55
76,475.35
CITY OF POWAY
Interest earned Interest received
1,913.19
3,297.30
68,820.13
543.75
2,819.45
3,544.45
3,322.92
6,645.84
4,229.17
7,652.78
402.77
1,778.66
2,315.97
2,064.23
6,645.83
6,847.22
4,209.03
0.00 53,022.07
0.00 0.00
50,416.00
0.00 0.00
0.00 20,625.00
0.00 26,250.00
0.00 0.00
0.00 14,375.00
0.00 0.00
42,500.00
26,125.00
0.00 129,875.00
N
M
....
0 \0
N
21 September 17, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period June 1, 2024 -June 30, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025 3,109.44 0.00 5,632.80 285.33 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 2,949.61 0.00 5,343.76 244.56 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 0.00 10,620.12 886.55 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,664.20 0.00 10,781.25 710.85 0.00 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,663.09 0.00 6,398.44 860.66 0.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,775.20 0.00 11,820.30 1,751.37 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,145.08 0.00 12,300.79 2,421.02 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (845.67) 0.00 2,636.72 1,229.51 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.47) 0.00 2,753.59 1,345.10 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,599.71 0.00 7,312.50 2,131.15 0.00 912828YYO USA TREASURY 1.75% 31DEC2024 (1,075.57) 0.00 2,529.30 1,442.31 0.00 9128283FS USA TREASURY 2.25% 15NOV2027 1,159.24 0.00 5,628.91 2,017.66 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,774.73 0.00 5,156.25 2,049.18 0.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,446.16 0.00 10,078.14 4,303.28 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 2,193.73 0.00 3,046.87 3,399.72 0.00 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2,802.13 0.00 9,000.00 4,079.67 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 2,597.21 0.00 5,179.70 4,006.15 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,529.88 0.00 13,664.04 5,604.62 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 886.82 0.00 3,439.84 1,982.14 N 0.00 M
.... 91282CHE4 USA TREASURY 3.625% 31 MAY2028 477.57 0.00 11,894.52 6,239.75 0 0.00 r-,.
N
22 September 17, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2024 -June 30, 2024
cusip Description
Government Bonds
91282CFUO USA TREASURY 4.125% 31 OCT2027
Total Government Bonds
Accretion
(amortization)
435.85
46,672.78
Realized gain
(loss)
0.00 0.00
"1J[1I1:
Change in fair
value
9,843.75
155,061.59
CITY OF POWAY
Interest earned Interest received
7,061.82
54,052.40
0.00 0.00
rid4-1-i3:j
N
rt')
....
0 00
N
23 September 17, 2024, Item #4
TRANSACTION REPORT
For the period June 1, 2024 -June 30, 2024
Trade date Cusip Transaction Sec type Description Maturity Settle date
06/01/2024 3133EPCG8 Income Government Agencies FEDERAL FARM CREDIT BANK 12/01/2027 06/01/2024
06/04/2024 17325FBC1 Income Corporate Bonds CITIBANK NA 5.488% 12/04/2026 06/04/2024
06/07/2024 3133EPK79 Income Government Agencies FEDERAL FARM CREDIT BANK 12/07/2026 06/07/2024
06/10/2024 3130A TUS4 Income Government Agencies FEDERAL HOME LOAN BANK 12/10/2027 06/10/2024
06/12/2024 3130AWLZ1 Income Government Agencies FEDERAL HOME LOAN BANK 06/12/2026 06/12/2024
06/21/2024 3130AQF65 Income Government Agencies FEDERAL HOME LOAN BANK 12/21/2026 06/21/2024
06/24/2024 02665WEY3 Bought Corporate Bonds AMERICAN HONDA FINANCE 01/09/2026 06/27/2024
06/27/2024 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 06/27/2024
06/27/2024 02665WCZ2 Capital Change Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 06/27/2024
06/30/2024 Income Cash and Cash Equivalents Cash
Par value or Realized Principal
shares gain(loss)
1,000,000.00 0.00 0.00
1,400,000.00 0.00 0.00
1,200,000.00 0.00 0.00
2,000,000.00 0.00 0.00
1,100,000.00 0.00 0.00
2,300,000.00 0.00 0.00
1,000,000.00 0.00 (995,500.00)
1,000,000.00 0.00 0.00
(1,000,000.00) 0.00 1,000,000.00
0.00 0.00 0.00
CITY OF POWAY
Interest Transaction total
20,625.00
38,416.00
26,250.00
42,500.00
26,125.00
14,375.00
(22,962.50)
12,000.00
0.00 959.68
20,625.00
38,416.00
26,250.00
42,500.00
26,125.00
14,375.00
(1,018,462.50)
12,000.00
1,000,000.00
959.68
N M
~
0 C'I
N
24 September 17, 2024, Item #4
ADDITIONAL INFORMATION
CITY OF POWAY
As of June 30, 2024
Past performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations.
The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.
Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.
Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.
The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy.
Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.
Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio.
This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.
Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.
Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG). Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.
Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period.
For clients based in North America:
This material is for professional clients only and is not intended for distribution to retail clients.
Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.
Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the N indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown. ~ The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
The ICE BofA 6 Month UST-Bill index measures the performance ofTreasury bills with time to maturity of less than 6 months. 0 0
M
25 September 17, 2024, Item #4
ADDITIONAL INFORMATION
As of June 30, 2024
CITY OF POWAY
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. © 2024 Insight Investment. All rights reserved.
N M
....
0 ....
M
26 September 17, 2024, Item #4
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash June 2024
Part I
Investments 8: Cash with Fiscal Agents
Settlement Yield to Days to % of Total Face
I
Book
I
Market
I
Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 06130124 I Various I 1 I 100.00%1 $595,162.531 $595,162.531 $595,162.531 so.oo 1 I 1-I I I
I
I I I
Average/Total I Various I 1 I 100.00%1 $595,162.531 $595,162.531 $595,162.531 Paying Agent or Uninvested Cash & DITs so.oo 1
- --
~
I $595,162.53) Total Investments and Cash with Fiscal Agent Part II
Non-Managed Investments
Settlement Yield to
I I I
Days to % of Total Face Book Market Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 06/30/241 3.17%1 1 I 100.00%1 $79,796.551 $79,796.551 s1a,240_00 1 ($1,556.55)1 County Pool
I I I I I I I
Average/Total I 3.17%1 N/A I 100.00%1 s19, 796. 55 1 $79,796.55 1 s1a,24o.oo 1 ($1,556.55)1 Part Ill
General, Payroll & Petty Cash
Book
Value
General Cash (Union Bank) $1,582,130.54
Payroll Cash (Union Bank) $20,000.00
Emergency Cash (Union Bank) $10,000.00
-- Grant Cash (Union Bank) $0.00
Flexible Benefits Cash (Union Bank)
-~
$30,000.00 1
~ -~
sa,600.001 Petty Cash
Total Cash
---_ __..
I $1,650,730.54 I I
I
C
I-
z w
:ii! :c: u
<C I-I-
<C
I i